Home loan is the one of these loans. Home loans
offered by various banks to the people who wish to purchase their dream house.
Banks also provide some home loan scheme packages to the person who wishes to
take home at the
lowest interest rates. Today availing home loan is extremely easy.
Now, after getting the
home loan person has to repay the loan in EMIs. What is EMI? EMI means Equated
Monthly installments. EMI is the amount to pay every month to the Bank or any
other lending institution until the amount of the loan gets totally repaid. The
loan repayment period varies up to 60 months. Home loan is availed by many
people such as renovation of home, reconstruction of home and purchasing a new
home. These loans are available in two types: Unsecured home loan and Secured home loan.
Unsecured home loan
means person needs not to give any security to the bank as collateral. Interest
rates will be higher than secured loan.
Secured home loan means
the person has to give property or assets as collateral. Banks need your
security because in any case, if a person would not be able to repay the loan,
bank sells their property. Interest rates in secured loan are reasonable as
compared to unsecured loan.
Today various banks
like SBI, PNB, HDFC and ICICI provides home loan at quite easy EMIs. It helps
the person to repay the loan in easy installments. A Person can also calculate
EMIs on the EMI calculator. A Person should keep certain things in mind, before
applying for home loan.
1.
The person should be above 24 years.
2.
The person should have their own house.
3.
The person should have their PAN card,
Identity proof and Residence proof.
4.
Bank statement required for availing
home loan.
Now days, home loans
becomes hugely popular in India. It is because buying property in this country
of 100 crore, people think that it is a large deal.
